BAINGATE Explained: People, this is no joke and SEC should press the tax issue

Last edited Thu Jul 12, 2012, 03:49 PM USA/ET - Edit history (8)
1.) Romney said in SEC and other filings he was NOT operationally leading Bain.

2.) Bain said in Federal filings rMoney WAS operationally leading Bain

3.) Tax Returns would show if rMoney took tax benefits from ....OPERATIONAL control of Bain making him either have to explain to the SEC wtf is up or explain to the IRS wtf is up....either way....that's not good for prez candidate.

4.) rMoney will not SHOW taxes from that period....as of the Boston Globe Story rMoney NOW has something tangible to hide

Lying to SEC is serious offense, Martha Stewart was jailed for less....

I miss anything?

Regards

Edit

P.S. How this ties into FactCheck is FactCheck pretty much said the same thing I said above but left out the tax returns issue. If rMoney took TAX benefits from control of Bain that would be an ESTABLISHMENT in writing that rMoney was OPERATIONALLY controlling Bain and not just a prima facia controller of the company (controller in name only) as both WAPo and FactCheck claim rMoney to be.

As FactCheck stated rMoney could go to jail for a clip if rMoney was in operational control of Bain during that period and it wasn't just on the face control cause he was "busy with the Olympics"

This is interesting

Bailey

07-12-2012, 06:34 PM

Well is it true or not?

SarasotaRepub

07-12-2012, 06:39 PM

Well is it true or not?

Does it really matter to the DUmmies??

Bailey

07-12-2012, 06:40 PM

Does it really matter to the DUmmies??

It matter to me if its true, they can smear him with it but if its not true they are shooting themselves in the foot

Hubie

07-12-2012, 06:48 PM

It matter to me if its true, they can smear him with it but if its not true they are shooting themselves in the foot

When have you known them to say anything that's true?

FlaGator

07-12-2012, 06:53 PM

It matter to me if its true, they can smear him with it but if its not true they are shooting themselves in the foot

Bain Capital sends the following statement, following today's Boston Globe article (http://www.politico.com/news/stories/0712/78438.html) reporting that MItt Romney (http://www.politico.com/2012-election/mitt-romney/index.html) was CEO there until 2002:

Mitt Romney left Bain Capital in February 1999 to run the Olympics and has had absolutely no involvement with the management or investment activities of the firm or with any of its portfolio companies since the day of his departure. Due to the sudden nature of Mr. Romney's departure, he remained the sole stockholder for a time while formal ownership was being documented and transferred to the group of partners who took over management of the firm in 1999. Accordingly, Mr. Romney was reported in various capacities on SEC filings during this period."

The more these people talk the more funny they get. Correct me if I'm wrong but weren't their feelings on Charlie Rangel somewhat different: http://online.wsj.com/article/SB10001424052970203946904574300013592601036.html

Apocalypse

07-12-2012, 10:41 PM

It matter to me if its true, they can smear him with it but if its not true they are shooting themselves in the foot

FORTUNE (http://finance.fortune.cnn.com/2012/07/12/mitt-romney-bain-exit/) — Mitt Romney did not manage Bain Capital’s investments after leaving to run the Salt Lake City Olympic Games, according to confidential firm documents obtained by Fortune.

The timing of Romney’s departure from Bain became a lightning rod earlier today, when The Boston Globe published an article (http://www.boston.com/news/politics/articles/2012/07/12/government_documents_indicate_mitt_romney_continue d_at_bain_after_date_when_he_says_he_left/) suggesting that Romney remained actively involved with the firm longer than he and his campaign have claimed. The sourcing is largely SEC documents that list Romney as Bain Capital’s CEO and sole shareholder through 2002 — or three years after Romney officially left to run the Salt Lake City Olympic Games.

These claims are very similar to ones made last week by David Corn in Mother Jones, which we disputed at the time (http://finance.fortune.cnn.com/2012/07/02/when-did-romney-really-leave-bain/).

Now Fortune has obtained new evidence that supports Romney’s version of events.

Their in desperation mode right now. Hopeing for any thing that sticks.

Adam Wood

07-12-2012, 11:13 PM

It matter to me if its true, they can smear him with it but if its not true they are shooting themselves in the footWhat's true out of what the DUmmies are screeching about: Romney was a name, on paper, as the titular head of one division of Bain that had nothing to do with any jobs going anywhere and was just a holding company that was responsible for paying out to other Bain investors.

What's not true out of what the DUmmies are howling about: everything else.

What actually happened: Romney left Bain basically without notice. He was asked to come fix the Olympics and nine days later he was in Salt Lake City straightening out the mess. He left without making a plan for disposing of his interest in Bain, arranging a smooth transfer to another entity, etc. In short, he just split and went to take care of the Olympics, which were circling the bowl and headed for the big hole in the bottom in a rapid fashion. In doing so, basically, Bain kept everything in "stasis" as far as ownership and such goes. This is a requirement of the Securities and Exchange Commission. You can't own a whole shitload of stock in some company that the SEC regulates and just decide that you're going to sell it all tomorrow and that's that. It doesn't work that way. There are about ten thousand little regulations involved to prevent all sorts of things, from insider trading to someone pulling a pump-and-dump to someone fleeing justice if they knowingly produced a product that was dangerous to people. IOW, supposing that Romney had tried to sell his interest in Bain before he went to Salt Lake, he couldn't have done so legally. He was stuck on the corporate documents for quite some time no matter what.

About the closest likely example would be if someone who owned some company subject to SEC regulation were to die suddenly. While everything would wind up saying "the estate of John Smith" after John Smith keeled over from a heart attack on the squash court at 48, the mechanics are pretty much the same: the whole thing would have to go through a ton of probate and there have to be a boatload of notifications sent and hundreds of lawyers are involved and the SEC has to approve everything and the whole experience takes years.

In short, the entire meme is a complete crock of shit. It turns out that this whole thing was shot to shit ages ago (http://www.washingtonpost.com/blogs/fact-checker/post/mitt-romney-and-his-departure-from-bain/2012/07/12/gJQAASzUfW_blog.html). Now we have incontrovertible proof that the Globe staff are working in concert with the Obama campaign, and the Obama campaign is flat-out lying their asses off.

FDK

07-13-2012, 12:12 AM

I have a feeling they'll be frog-marching Romney out of his campaign HG in handcuffs in 48 (business) hours.:friendly_wink:

Gina

07-13-2012, 12:19 AM

I have a feeling they'll be frog-marching Romney out of his campaign HG in handcuffs in 48 (business) hours.:friendly_wink:

We're just $10 away from posting bail!

txradioguy

07-13-2012, 05:23 AM

Does it really matter to the DUmmies??

Nope the only thing that matters to DUmmies is the seriousness of the accusation.

"Fake but accurate"

Bailey

07-13-2012, 06:48 AM

What's true out of what the DUmmies are screeching about: Romney was a name, on paper, as the titular head of one division of Bain that had nothing to do with any jobs going anywhere and was just a holding company that was responsible for paying out to other Bain investors.

What's not true out of what the DUmmies are howling about: everything else.

What actually happened: Romney left Bain basically without notice. He was asked to come fix the Olympics and nine days later he was in Salt Lake City straightening out the mess. He left without making a plan for disposing of his interest in Bain, arranging a smooth transfer to another entity, etc. In short, he just split and went to take care of the Olympics, which were circling the bowl and headed for the big hole in the bottom in a rapid fashion. In doing so, basically, Bain kept everything in "stasis" as far as ownership and such goes. This is a requirement of the Securities and Exchange Commission. You can't own a whole shitload of stock in some company that the SEC regulates and just decide that you're going to sell it all tomorrow and that's that. It doesn't work that way. There are about ten thousand little regulations involved to prevent all sorts of things, from insider trading to someone pulling a pump-and-dump to someone fleeing justice if they knowingly produced a product that was dangerous to people. IOW, supposing that Romney had tried to sell his interest in Bain before he went to Salt Lake, he couldn't have done so legally. He was stuck on the corporate documents for quite some time no matter what.

About the closest likely example would be if someone who owned some company subject to SEC regulation were to die suddenly. While everything would wind up saying "the estate of John Smith" after John Smith keeled over from a heart attack on the squash court at 48, the mechanics are pretty much the same: the whole thing would have to go through a ton of probate and there have to be a boatload of notifications sent and hundreds of lawyers are involved and the SEC has to approve everything and the whole experience takes years.

In short, the entire meme is a complete crock of shit. It turns out that this whole thing was shot to shit ages ago (http://www.washingtonpost.com/blogs/fact-checker/post/mitt-romney-and-his-departure-from-bain/2012/07/12/gJQAASzUfW_blog.html). Now we have incontrovertible proof that the Globe staff are working in concert with the Obama campaign, and the Obama campaign is flat-out lying their asses off.

Well then how is obama going to pay for this? I know the world is full with fairness but shit like this cant go unpunished. We cant have four more years of this asshole.

Bailey

07-13-2012, 08:38 AM

If what i am reading is true he left Bain to go out and save the Salt Lake Olympics? They wont give him credit for that....

SarasotaRepub

07-13-2012, 09:17 AM

If what i am reading is true he left Bain to go out and save the Salt Lake Olympics? They wont give him credit for that....

This is all old news and a rather pathetic attempt to create something that isn't there. The Dem Leadership really think the American people are stupid.

I looked on CNN.com for Romney Toast pieces and I don't see any...:rolleyes: Of course, that is explained away by the DUmmies saying the MSM is protecting the ebil ReThugs.

Bailey

07-13-2012, 09:22 AM

This is all old news and a rather pathetic attempt to create something that isn't there. The Dem Leadership really think the American people are stupid.

I looked on CNN.com for Romney Toast pieces and I don't see any...:rolleyes: Of course, that is explained away by the DUmmies saying the MSM is protecting the ebil ReThugs.

If Romney is no threat to obama why are they (and obama) making up such bold faced lies? I cant wait to see obama giving a tour of the White House to President Romney in 2013.

m00

07-13-2012, 10:46 AM

Well is it true or not?

It depends on whether from 1999-2003 Romney was merely a figurehead at Bain, or whether he was actually involved in anything. The problem is he has two federal filings where one says he was sole owner, sole stockholder, CEO, etc, of Bain and the other that says he wasn't involved in any way (during the same time period). If either of the federal filings are untrue, then Romney has committed a felony.

But as I said, if he was an uninvolved figurehead owner then both statements are simultaneously true and he hasn't committed a felony. So what the press is looking into now, is whether he was involved in any deals or not during the time he was a "figurehead."

On edit: I find it highly unlikely anything will come of this, because it would be fairly hard to prove that Romney was involved in actual deal-making/management. If his signature is on anything, then he just says "I rubber stamped this paperwork, but I had no operational control." What one would need to find Romney guilty is a witness that comes forward and says "Romney was definitely involved in closing this deal"... and even then it becomes he-said-she-said.

AmPat

07-13-2012, 12:24 PM

Sole owner-figurehead, etc, etc. I am looking into a business franchise that has a franchise owner's name all over it. It is going through foreclosure and is being managed by the finance company in first position. The manager (employee) is continuing to operate the franchise under its franchise name.

This is all DUmmie muckraking to do anything no matter how stupid to discredit Dear Leader's opponent. If Romney weren't the front runner, this would get as much coverage as __________________ (insert past GOP front runner name).:rolleyes:

jediab

07-13-2012, 02:50 PM

I have a feeling they'll be frog-marching Romney out of his campaign HG in handcuffs in 48 (business) hours.:friendly_wink: